Ripple Price Analysis: XRP Price Seeks To Recapture Key Resistance Of $ 1.23

  • The 50-day EMA offers strong support for the XRP price
  • The XRP / BTC pair trades at 0.0001952 BTC with a gain of 2.43%
  • The 24-hour volume for XRP coins is $ 4.9 billion, indicating a 90% increase

As mentioned in my previous article on Ripple, the coin experienced strong supply pressures from the $ 1.2 resistance level, which resulted in a small drop in its price. This pullback found support from the 200-day EMA and initiated a significant upward move.

After facing such rejection again today, November 4th, the price finally managed to make a decisive breakthrough out of this crucial opposition.

Regarding the EMAs: The XRP price is showing a solid bullish trend with its price trading above the crucial EMAs 20, 50, 100 and 200. Additionally, the coin price is getting good support from the 50 EMA line

The RSI stands at 66, which indicates a bullish sentiment within the XRP coins.

The XRP coin could retrace to retest the $ 1.22 level.

The XRP coin has already closed a 4 hour candle above the $ 1.22 resistance level. However, the price could move back to retest this broken level. So if this token manages to stay above this level, the crypto trader would have an excellent long chance in this coin. The current price of the XRP coin is $ 1.25, with an intraday gain of 3.11%.

The Moving Average Convergence / Divergence (MACD) indicator shows that the MACD and signal lines are moving higher than the neutral zone (0.00), indicating the bullish sentiment in the coin. However, the histogram chart also shows steady growth in the green bars, indicating strong momentum on the buy side.

Diploma: From a technical perspective, the XRP coin is showing a positive outlook as its price seeks to break the crucial resistance at $ 1.23. The crypto traders could wait for the price to test this again to confirm whether the breakout is real.

Support: $ 1.23

Resistance $ 1.4

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